Data as of .
IONC vs IONX: which held to its multiple?
Over the days both have traded, IONC finished 0.8 points from its stated multiple and IONX 0.9.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| IONC | IONX | IONC | IONX | IONC | IONX | |
| 1 month | −36.6% | −38.3% | −37.4% | −37.4% | +0.8 pts | −0.9 pts |
| 3 months | not published | −68.4% | not published | −72.9% | not published | +4.5 pts |
| 6 months | not published | −30.1% | not published | +22.9% | not published | −52.9 pts |
| 1 year | not published | −81.3% | not published | −43.8% | not published | −37.5 pts |
| Since launch | −59.3% | −49.1% | −62.0% | +136.8% | +2.7 pts | −186.0 pts |
| IONC Corgi IONQ 2x Daily ETF Aims to return twice the daily move of IONQ | IONX Defiance Daily Target 2X Long IONQ ETF Aims to return twice the daily move of IONQ | |
|---|---|---|
| Issuer | Corgi | Defiance |
| Sets out to return | +2x | +2x |
| On | IONQ | IONQ |
| Segment | company | company |
| Fund returned, 3 months | −36.6% | −68.4% |
| Underlying returned, 3 months | −18.7% | −36.5% |
| What the stated multiple implies, 3 months | −37.4% | −72.9% |
| Difference from stated, 3 months | +0.8 pts | +4.5 pts |
| Fund returned, 1 year or since launch | −59.3% | −81.3% |
| Difference from stated, over that window | +2.7 pts | −37.5 pts |
| Underlying volatility | 68% | 80% |
| Difference over the days both have traded | +0.8 pts | −0.9 pts |
| Expense ratio | 0.45% | 1.38% |
| Launched | Jun 30, 2026 | Mar 12, 2025 |
IONC in plain words
One month to Sep 11, 2026: IONC returned −36.6% where its own daily promise gave −36.7%, 0.1 points over. Read the multiple against the whole window instead and +2 times IONQ's −18.7% implies −37.4%, which makes IONC look 0.8 points over. 0.7 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. IONC aims to return +2 times IONQ's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IONQ moved at 68% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
IONX in plain words
Three months to Sep 11, 2026: IONX returned −68.4% where its own daily promise gave −65.6%, 2.8 points short. Read the multiple against the whole window instead and +2 times IONQ's −36.5% implies −72.9%, which makes IONX look 4.5 points over. 7.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. IONX aims to return +2 times IONQ's move each day, then resets. IONQ moved at 80% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, IONC or IONX?
- Over the window to Sep 11, 2026, IONC finished 0.8 points from what its multiple implies and IONX finished 4.5 points from its own, so IONC came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are IONC and IONX levered on the same thing?
- Yes. Both are levered on IONQ, IONC at +2 times and IONX at +2 times the daily move.
- Which one decays faster, IONC or IONX?
- Decay follows how much the underlying moves about. Over this window IONC’s moved at 68% annualized and IONX’s at 80%, so IONX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold IONC or IONX for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, IONC or IONX?
- IONC charges 0.45% a year and IONX charges 1.38%, so IONC is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, IONC against IONX, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/IONC-IONX Free to use with attribution; the underlying files are at Open data.